Section 50151 of the IRA appropriates $2 billion to the Federal Energy Regulatory Commission (“FERC”) to establish a loan program for the construction or modification of certain electric transmission infrastructure. Specifically, under the program, FERC may provide loans to non-Federal borrowers for the construction or modification of electric transmission facilities designated by the Secretary of Energy to be necessary in the public interest under section 216 of the Federal Power Act, 16 U.S.C. 824(p)(a). Loans may not exceed 80% of the total cost of the project and have a term not exceeding 90% of the facilities projected useful life or 30 years (whichever is shorter).
The funds under section 50151 of the IRA will remain available through September 30, 2030. Disbursements under loan agreements may continue until September 30, 2031.